HomeMy WebLinkAbout1999-11-16-TPT-minTOWN OF LEXINGTON
TRUSTEES OF PUBLIC TRUSTS
Minutes of Meeting
November 16, 1999
A meeting of the Trustees was held at 8:00 P. M. at 42 Adams Street, Lexington.
Present were Trustees Alan Fields, David G. Williams, Thomas G. Taylor, and Secretary
Tammy Wilson.
The minutes of the May 25, 1999 meeting were approved.
The Trustees voted to accept the following new funds, to be held in accordance
with the letters attached to these minutes:
Jack and Sally Gardner Fund
Willard Woods Conservation Fund
Earl and Elsie Dooks Scholarship Fund
Chiesa Farm Conservation Land Trust Fund
Richard and Jeanne Kirk Fund
The Trustees reviewed the Portfolio Report and discussed investment strategy in
the light of the potential addition of $1,000,000 to the Endowment Fund from the Kirk
Trust. It was decided to continue to manage the Fund in a way that produces a moderate
gain in fair market value, but with the priority being preservation of principal. We could
achieve these objectives by investment of up to 50% in equities.
A discussion took place as to the management of the Kirk Fund. It was noted that
there is possibly some inconsistency between the letter to the Trustees from David G.
Kirk, Trustee and the terms of the will of Richard J. Kirk. The will leaves a sum outright
to the Trustees of Public Trusts with an expression of hope as to how it will be used, but
no legal obligation on the Trustees. The will also permits the use of the principal of the
fund if necessary. The Trustees agreed to follow the terms of the letter from David Kirk
in the management of the fund when possible, but to look to the terms of the will as the
ultimate authority as to the use of the money.
It was voted to increase the pay of Tammy Wilson to $3000 per year, and to pay
her $1500 by December 31. It was also voted to give a $100 gift certificate to each of
Lynne Pease and Phyllis Smith in the Selectmen's office for their help to the Trustees.
It was voted to join the Council on Foundations if the membership fee is not more
than $150 per year.
Next meeting April 26, 2000 at 64 Marrett Road.
Tom Taylor, Secretary